GBP/USD has managed to shift its auction above the round-level resistance of 1.2400 in the early European session. The Cable has attracted bids as investors are showing maturity to the accelerating chances of more rate hikes from the Federal Reserve (Fed). The US Dollar has remained in a negative trajectory in the Asian session as anxiety among the market participants ahead of the release of the United States Consumer Price Index (CPI) has receded.
The US Dollar Index (DXY) looks vulnerable above the immediate cushion of 102.30 as the market mood is extremely upbeat. S&P500 futures are holding nominal gains in the Asian session. US equities showed resilience on Monday after a gap-down opening, which indicates that the downside is capped.
Despite weaker consensus for profits to be delivered S&P500, investors are supporting the US equity domain. As per Refinitiv estimates, S&P500 is expected to report shrinkage in profits by 5.2% vs. a growth forecast of 1.4% anticipated at the start of the year. The downgraded forecast for S&P500 is backed by higher rates from the Federal Reserve and tight credit conditions from US commercial banks, which have squeezed advances to firms.
Positive market sentiment has also barricaded US yields from further upside. The 10-year US Treasury yields look sluggish below 3.41%.
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